COGEPRE
Annual accounts 2025
micro format, filed on 14-08-2026, 14 days lateTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €120,000. Estimated: probably between €77,000 and €160,000.
Money flows
no detail for 2025Balance sheet
balance sheet total €171,481 on 31-12-2025in euro
in euro
Position in the sector
84.8%
Higher than 85% of 11,794 companies in 2025.
5.58
Higher than 82% of 11,521 companies in 2025.
11.5%
Higher than 49% of 11,605 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
Staff
Staff costs divided by the average number of full-time equivalents.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
171,481 | 164,964 | 168,671 | 198,436 | 265,749 | 234,481 | 239,149 | 273,202 | 269,397 | 167,656 | 166,157 | 197,673 | 234,621 | 265,923 | 304,226 | 350,659 | 162,778 | 237,263 | 265,527 | 389,125 | |
21/28 |
37,799 | 46,830 | 49,128 | 70,231 | 90,254 | 112,833 | 148,313 | 183,890 | 186,441 | 109,492 | 105,977 | 135,451 | 162,932 | 194,487 | 229,793 | 262,944 | 157,545 | 177,060 | 193,963 | 282,805 | |
21 |
30,012 | 37,515 | 45,018 | 67,575 | 90,154 | 112,733 | 135,312 | 157,890 | 180,464 | 97,539 | 105,042 | 133,581 | 162,421 | 191,261 | 223,700 | 256,140 | 138,520 | 163,457 | 170,393 | 189,026 | |
22/27 |
7,787 | 9,215 | 4,010 | 2,556 | - | 0 | 13,001 | 26,000 | 5,977 | 11,953 | 935 | 1,870 | 511 | 3,226 | 6,093 | 6,804 | 19,025 | 13,603 | 23,570 | 93,779 | |
22 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 400 | 900 | 8,900 | 75,599 | |
23 |
0 | 295 | 955 | 1,615 | - | - | - | - | 333 | 667 | 935 | 1,870 | - | 797 | 1,745 | 537 | 1,241 | 1,541 | 1,545 | 3,093 | |
24 |
244 | 477 | 709 | 941 | - | 0 | 13,001 | 26,000 | 5,643 | 11,287 | - | - | 511 | 2,429 | 4,348 | 6,266 | 8,185 | - | - | - | |
26 |
7,543 | 8,443 | 2,346 | - | - | - | - | - | - | - | - | - | - | - | - | - | 9,199 | 11,162 | 13,125 | 15,087 | |
28 |
0 | 100 | 100 | 100 | 100 | 100 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
29/58 |
133,681 | 118,134 | 119,542 | 128,205 | 175,495 | 121,648 | 90,836 | 89,312 | 82,956 | 58,164 | 60,181 | 62,222 | 71,689 | 71,436 | 74,433 | 87,715 | 5,233 | 60,203 | 71,564 | 106,320 | |
29 |
70,000 | 70,000 | 70,000 | 70,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
291 |
70,000 | 70,000 | 70,000 | 70,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
49,396 | 43,759 | 40,293 | 36,219 | 136,083 | 97,108 | 59,589 | 17,333 | 35,490 | 18,148 | 14,975 | 12,055 | 15,731 | 11,206 | 10,232 | 18,284 | 31 | 11,278 | 9,603 | - | |
40 |
- | - | 0 | 10,853 | 19,609 | 21,523 | 17,115 | 15,990 | 15,576 | 15,826 | 14,975 | 12,055 | 15,731 | 11,206 | 10,232 | 6,410 | - | 11,278 | 9,532 | - | |
41 |
49,396 | 43,759 | 40,293 | 25,367 | 116,474 | 75,585 | 42,474 | 1,343 | 19,914 | 2,323 | - | - | - | - | 0 | 11,874 | 31 | - | 71 | - | |
50/53 |
200 | 200 | 200 | 200 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
54/58 |
12,761 | 1,095 | 2,412 | 7,713 | 15,339 | 468 | 0 | 31,784 | 917 | 350 | 633 | 687 | 1,571 | 936 | - | 323 | 5,202 | 43,926 | 61,961 | 101,250 | |
490/1 |
1,325 | 3,080 | 6,638 | 14,073 | 24,072 | 24,072 | 31,246 | 40,195 | 46,549 | 39,666 | 44,573 | 49,480 | 54,387 | 59,294 | 64,201 | 69,109 | - | 5,000 | - | 5,070 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
171,481 | 164,964 | 168,671 | 198,436 | 265,749 | 234,481 | 239,149 | 273,202 | 269,397 | 167,656 | 166,157 | 197,673 | 234,621 | 265,923 | 304,226 | 350,659 | 162,778 | 237,263 | 265,527 | 389,125 | |
10/15 |
145,471 | 125,818 | 101,851 | 104,659 | 106,876 | 55,227 | 31,614 | 17,785 | 4,636 | 919 | -31,956 | -42,083 | -55,696 | -56,854 | -51,833 | -47,174 | -31,436 | 8,967 | 3,004 | -7,911 | |
10/11 |
6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | 6,202 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | 12,398 | |
13 |
135,880 | 116,280 | 92,320 | 92,320 | 42,940 | 42,940 | 19,340 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | 5,540 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
134,020 | 114,420 | 90,460 | 90,460 | 41,080 | 41,080 | 17,480 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | |
14 |
3,389 | 3,336 | 3,329 | 6,138 | 57,734 | 6,085 | 6,072 | 6,044 | -7,105 | -10,823 | -43,698 | -53,825 | -67,437 | -68,596 | -63,575 | -58,916 | -43,178 | -2,774 | -8,738 | -19,653 | |
17/49 |
26,010 | 39,146 | 66,820 | 93,776 | 158,873 | 179,254 | 207,535 | 255,417 | 264,760 | 166,738 | 198,113 | 239,756 | 290,317 | 322,777 | 356,060 | 397,833 | 194,214 | 228,296 | 262,523 | 397,036 | |
17 |
2,034 | 16,626 | 27,751 | 54,893 | 122,953 | 122,953 | 163,872 | 194,574 | 200,857 | 117,432 | 120,499 | 161,023 | 204,272 | 244,291 | 283,140 | 320,876 | 150,912 | 181,580 | 210,362 | 239,186 | |
170/4 |
2,034 | 16,626 | 27,751 | 54,893 | 122,953 | 122,953 | 163,872 | 194,574 | 200,857 | 117,432 | 120,499 | 161,023 | 204,272 | 244,291 | 283,140 | 320,876 | 150,912 | 181,580 | 210,362 | 239,186 | |
42/48 |
23,976 | 22,520 | 39,069 | 38,804 | 35,919 | 56,301 | 43,663 | 60,842 | 63,903 | 49,306 | 77,614 | 78,733 | 86,044 | 78,486 | 72,919 | 76,957 | 43,302 | 46,715 | 52,161 | 157,850 | |
42 |
19,402 | 20,919 | 32,142 | 32,127 | 13,154 | 37,530 | 30,703 | 38,216 | 38,171 | 18,909 | 40,524 | 43,249 | 40,018 | 38,850 | 37,735 | 39,978 | 30,668 | 29,703 | 29,703 | 28,782 | |
43 |
- | - | - | - | - | - | 0 | 3,055 | 3,574 | 2,683 | 2,194 | 2,365 | - | 1,636 | 2,210 | - | - | - | - | - | |
430/8 |
- | - | - | - | - | - | 0 | 3,055 | 3,574 | 2,683 | 2,194 | 2,365 | - | 1,636 | 2,210 | - | - | - | - | - | |
44 |
4,574 | 1,601 | 690 | 1,948 | 1,561 | 2,205 | 1,783 | - | 6,262 | 12,657 | 12,250 | 16,466 | 12,851 | 9,066 | 6,984 | 15,417 | 4,343 | 2,248 | 12,855 | 52,315 | |
440/4 |
4,574 | 1,601 | 690 | 1,948 | 1,561 | 2,205 | 1,783 | - | 6,262 | 12,657 | 12,250 | 16,466 | 12,851 | 9,066 | 6,984 | 15,417 | 4,343 | 2,248 | 12,855 | 52,315 | |
45 |
- | 0 | 6,237 | 3,412 | 19,892 | 15,249 | 9,861 | 6,446 | 10,242 | 8,566 | 7,257 | 5,935 | 2,411 | 6,026 | 5,465 | 7,792 | 5,209 | 9,426 | 5,313 | 4,753 | |
450/3 |
- | 0 | 3,412 | 3,412 | 15,249 | 15,249 | 9,861 | 6,446 | 4,299 | 1,591 | - | - | - | - | - | - | - | - | 206 | - | |
454/9 |
- | 0 | 2,825 | 0 | 4,643 | - | - | - | 5,942 | 6,975 | 7,257 | 5,935 | 2,411 | 6,026 | 5,465 | 7,792 | 5,209 | 9,426 | 5,107 | 4,753 | |
47/48 |
- | - | 0 | 1,316 | 1,312 | 1,316 | 1,316 | 13,125 | 5,654 | 6,490 | 15,389 | 10,718 | 30,765 | 22,909 | 20,524 | 13,770 | 3,081 | 5,339 | 4,290 | 72,000 | |
492/3 |
- | - | 0 | 80 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Income statement | |||||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 167,051 | 165,005 | 163,077 | 185,866 | 176,743 | - | |
76A |
- | - | 0 | 19,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 22,264 | |
9900 |
38,765 | 49,767 | 33,420 | 70,182 | 75,143 | 76,454 | 65,462 | 71,826 | 80,700 | 96,377 | 83,346 | 84,985 | 82,432 | 84,500 | 93,746 | 107,615 | 60,716 | 96,773 | 103,131 | 36,332 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 78,095 | 59,094 | 102,653 | 91,138 | 83,670 | - | |
62 |
- | - | - | 0 | 0 | 720 | 577 | 8,019 | 37,370 | 37,861 | 36,876 | 29,746 | 36,123 | 40,959 | 49,716 | 63,737 | 59,261 | 50,259 | 53,914 | 28,158 | |
630 |
8,931 | 8,761 | 23,643 | 23,164 | 22,579 | 35,580 | 35,577 | 35,908 | 28,551 | 14,415 | 29,474 | 30,285 | 31,555 | 35,306 | 35,541 | 45,114 | 29,813 | 29,716 | 25,345 | 32,288 | |
640/8 |
2,130 | 2,100 | 6,068 | 1,456 | 568 | 1,828 | 2,106 | 2,712 | 1,727 | 1,418 | 1,355 | 2,063 | 3,761 | 2,305 | 1,151 | 1,083 | 1,857 | 442 | 661 | 3,374 | |
9901 |
27,704 | 38,906 | 3,709 | 45,562 | 51,996 | 38,326 | 27,201 | 25,187 | 13,052 | 42,683 | 15,640 | 22,892 | 10,993 | 5,930 | 7,338 | -2,320 | -30,216 | 16,356 | 23,211 | -27,488 | |
75/76B |
3,005 | 2,644 | 2,284 | 3,645 | 0 | 5,543 | 1,219 | 357 | 1,069 | 0 | 5 | 15 | 0 | 1 | 1 | 20 | 213 | 876 | 560 | 464 | |
75 |
3,005 | 2,644 | 2,284 | 3,645 | 0 | 5,543 | 1,219 | 357 | 1,069 | 0 | 5 | 15 | 0 | 1 | 1 | 20 | 213 | 876 | 560 | 464 | |
65/66B |
2,902 | 7,962 | 8,633 | 9,266 | 347 | 7,815 | 8,386 | 8,660 | 7,695 | 8,217 | 5,517 | 9,294 | 9,835 | 10,951 | 11,999 | 13,060 | 10,400 | 11,205 | 12,556 | 2,848 | |
65 |
2,902 | 7,962 | 8,633 | 9,266 | 347 | 7,815 | 8,386 | 8,660 | 7,695 | 8,217 | 5,517 | 9,294 | 9,835 | 10,951 | 11,999 | 13,060 | 10,400 | 11,205 | 12,556 | 2,848 | |
9903 |
27,807 | 33,588 | -2,641 | 39,940 | 51,649 | 36,054 | 20,034 | 16,884 | 6,426 | 34,466 | 10,128 | 13,613 | 1,158 | -5,020 | -4,659 | -15,360 | -40,403 | 6,027 | 11,215 | -7,608 | |
67/77 |
8,155 | 9,621 | 168 | 13,292 | 0 | 12,440 | 6,206 | 3,735 | 2,708 | 1,591 | 0 | 1 | - | 0 | - | 378 | - | 64 | - | 121 | |
9904 |
19,653 | 23,967 | -2,809 | 26,648 | 51,649 | 23,614 | 13,828 | 13,149 | 3,718 | 32,875 | 10,127 | 13,613 | 1,158 | -5,021 | -4,659 | -15,738 | -40,403 | 5,964 | 11,215 | -7,729 | |
9905 |
19,653 | 23,967 | -2,809 | 26,648 | 51,649 | 23,614 | 13,828 | 13,149 | 3,718 | 32,875 | 10,127 | 13,613 | 1,158 | -5,021 | -4,659 | -15,738 | -40,403 | 5,964 | 11,215 | -7,729 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
22,989 | 27,296 | 3,329 | 32,738 | 57,734 | 29,685 | 19,872 | 6,044 | -7,105 | -10,823 | -43,698 | -53,825 | -67,437 | -68,596 | -63,575 | -58,916 | -43,178 | -2,774 | -8,738 | -19,653 | |
14P |
3,336 | 3,329 | 6,138 | 6,090 | 6,085 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
19,600 | 23,960 | 0 | 26,600 | 0 | 23,600 | 13,800 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
6921 |
19,600 | 23,960 | 0 | 26,600 | 0 | 23,600 | 13,800 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||||||||||
9087 |
- | - | - | - | - | - | - | 0.2 | - | 0.8 | 0.8 | 0.7 | 0.8 | 1 | 1.3 | 1.7 | 2.2 | 1.5 | 1.2 | 1 | |
Hours worked1013 |
- | - | - | - | - | - | - | 260 | - | 1,189 | 1,283 | 1,116 | 1,008 | 1,725 | 1,968 | 3,040 | 3,990 | 2,590 | 2,196 | 1,657 | |
| Document | |||||||||||||||||||||
The accounts for 5 older financial years (2001-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 16 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 14-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 14 days after the deadline. Filed on 14 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00402862.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-08-2026 | 2026-00402862 | |
| 31-12-2024 | micro format | 14-08-2025 | 2025-00376685 | |
| 31-12-2023 | micro format | 18-08-2024 | 2024-00351422 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00409717 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20390503 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52900456 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49600541 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61300042 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-49200144 | |
| 31-12-2016 | micro format | 11-08-2017 | 2017-44100154 | |
| 31-12-2015 | full format | 11-08-2016 | 2016-42800209 | |
| 31-12-2014 | full format | 03-08-2015 | 2015-39100388 | |
| 31-12-2013 | full format | 31-07-2014 | 2014-38000410 | |
| 31-12-2012 | full format | 29-07-2013 | 2013-38400563 | |
| 31-12-2011 | full format | 10-08-2012 | 2012-40500204 | |
| 31-12-2010 | full format | 10-08-2011 | 2011-39300043 | |
| 31-12-2009 | full format | 11-08-2010 | 2010-40000556 | |
| 31-12-2008 | full format | 23-06-2009 | 2009-27700063 | |
| 31-12-2007 | full format | 24-06-2008 | 2008-28000225 | |
| 31-12-2006 | full format | 22-06-2007 | 2007-27100074 | |
| 31-12-2005 | full format | 19-06-2006 | 2006-25700069 | |
| 31-12-2004 | full format | 12-08-2005 | 2005-63400283 | |
| 31-12-2003 | full format | 28-07-2004 | 2004-51300240 | |
| 31-12-2002 | full format | 04-08-2003 | 2003-54100086 | |
| 31-12-2001 | full format | 19-09-2002 | 2002-56400281 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 36,634 | 47,667 | 27,353 | 68,726 | 74,575 | 73,906 | 62,778 | 61,095 | 41,603 | 57,097 | 45,114 | 53,177 | 42,548 | 41,236 | 42,880 | 42,794 | -403 | 46,072 | 48,556 | 4,800 | ||
| 28,583 | 32,728 | 20,835 | 49,812 | 74,228 | 59,194 | 49,405 | 49,057 | 32,269 | 47,289 | 39,601 | 43,898 | 32,713 | 30,286 | 30,882 | 29,376 | -10,590 | 35,679 | 36,560 | 24,559 | ||
| 0 | 6,463 | 2,541 | 3,142 | 0 | 100 | 0 | 39,000 | 105,500 | 17,930 | 0 | 2,805 | 0 | 0 | 2,391 | 150,513 | 10,298 | 20,312 | -63,497 | 243,836 | ||
| 11,666 | -1,317 | -5,302 | -7,626 | 14,872 | 468 | -31,784 | 30,867 | 567 | -283 | -54 | -884 | 635 | - | - | -4,879 | -38,724 | -18,035 | -39,289 | - | ||
| 109,705 | 95,614 | 80,474 | 89,401 | 139,575 | 65,348 | 47,172 | 28,470 | 19,053 | 8,858 | -17,434 | -16,511 | -14,355 | -7,050 | 1,514 | 10,758 | -38,069 | 13,488 | 19,403 | -51,530 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.4% | -1.4% | -18.5% | 8.8% | 13.1% | - | ||
| 84.8% | 76.3% | 60.4% | 52.7% | 40.2% | 23.6% | 13.2% | 6.5% | 1.7% | 0.5% | -19.2% | -21.3% | -23.7% | -21.4% | -17.0% | -13.5% | -19.3% | 3.8% | 1.1% | -2.0% | ||
| 5.58 | 5.25 | 3.06 | 3.30 | 4.89 | 2.16 | 2.08 | 1.47 | 1.30 | 1.18 | 0.78 | 0.79 | 0.83 | 0.91 | 1.02 | 1.14 | 0.12 | 1.29 | 1.37 | 0.67 | ||
| 0.18 | 0.31 | 0.66 | 0.90 | 1.49 | 3.25 | 6.56 | 14.36 | 57.10 | - | - | - | - | - | - | - | - | 25.46 | 87.39 | - | ||
| 13.5% | 19.0% | -2.8% | 25.5% | 48.3% | 42.8% | 43.7% | 73.9% | 80.2% | - | - | - | - | - | - | - | - | 66.5% | 373.3% | - | ||
| 11.5% | 14.5% | -1.7% | 13.4% | 19.4% | 10.1% | 5.8% | 4.8% | 1.4% | 19.6% | 6.1% | 6.9% | 0.5% | -1.9% | -1.5% | -4.5% | -24.8% | 2.5% | 4.2% | -2.0% | ||
| 12.63 | 5.99 | 3.17 | 7.42 | over 100 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 22 days | 14 days | 0 days | 22 days | 20 days | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 33 days | 95 days | 15 days | 9 days | 56 days | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €6,463 | €2,541 | €3,142 | - |
| Financial fixed assets | €0 | - | - | - | - |
| €8,931 | €8,761 | €23,643 | €23,164 | €22,579 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on COGEPRE
The operating result for 2025 is 29% lower than in 2024.
Debt's share of the balance-sheet total falls from 23.7% to 15.2%. Equity is higher and debt is lower.